Playing through the line… the continuum of value! · We undertook a process of discovery &...
Transcript of Playing through the line… the continuum of value! · We undertook a process of discovery &...
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Playing through the line…
the continuum of value!
L. Gary Boomer CPA.CITP, CGMA, MAcc
September 5-6, 2019 | Boston, MA
© 2019 Boomer Consulting Inc. All rights reserved.
CPA.CITP, CGMA, MAcc
Founder of Boomer Consulting, Inc.
Founder of The Boomer Technology Circles
Accounting Today’s Top 100 Most Influential
IPA’s Top 10 Recommended Consultants
CPA Practice Advisor Top 25 Thought Leader
Past Chair of the AICPA LIDP Committee
Former Member of AICPA Council
Member of The Advisory Board
Member of AICPA Startup Accelerator Panel
My Passion – Your Success & Future Readiness
Contact me at
Twitter: @lgboomer
LinkedIn: https://www.linkedin.com/in/lgboomer/
L. Gary Boomer
Visionary & Strategist
© 2019 Boomer Consulting Inc. All rights reserved.© 2019 Boomer Consulting Inc. All rights reserved.
• What’s Your Story? What’s Your Game?
• Why Play?
• The Continuum of Value
• Selling 4 Freedoms
• Your Vision & Game Plan
Agenda
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Digital Meeting Materials
go.boomer.com/accountex2019
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go.boomer.com/accountex2019
View Your Agenda
Access Materials
Ask Questions
Fill Out Online CPE and Evaluation Forms
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Select A Session & Join the Conversation
Respond to Poll
Ask a Question
Vote for a Question
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Introductions
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• Name
• Title
• Firm
• #1 Strategic Initiative
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WelcomeTransformers,Innovators &Game Changers
A Journey
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The Game
• What is your Story?
• What Services will you offer?
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• Clarify, define & name your game.
• Learn the strategies of stories.
• Provide access to resources.
Objectives
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The Old Game
Information
The New Game
Value
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Your CAS Business…
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Depends upon…
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© 2019 Boomer Consulting Inc. All rights reserved.
Thin
kin
g
4. Thinking
3. Thoughts
2. People
1. Things 1.1
X
Dan Sullivan
Jim Collins
Frans Johannson
Steve Jobs
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• How digital is your firm? Your clients?
• Your firm as a marketing channel?
• What services you should source?
• Your unique abilities?
• Who can make this happen?
Have you thought about…
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BCI VISION:
To be the transformation CATALYST
for the accounting profession.
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BCI MISSION:
To transform by improving the
experience and performance of our
team and clients.
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Your innovation strategy may help tell the story.
What’s your Story?
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The Continuum of Value
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The Continuum of Value
Transactional
Strategic
Hindsight
Insight
Foresight
Technician
Advisor
Consultant
The Gold
Zone
Transactional Compliance Performance Strategic Consulting
Foresight
Insight
Hindsight
I
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o
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C
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Data Connectors
Knowledge Connectors} Accelerators
Capacity Capability
The Continuum of Value
…playing through the line
The Continuum of Value
…playing through the line
Transactional Compliance Advisory Consulting
Data Connectors
Knowledge Connectors} Accelerators
Capacity Capability
Bookkeeping Tax & Accounting CFO/Wealth Planning EntrepreneurialManagement Services
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The Four Freedoms
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Time Money
Relationship Purpose
The Four Freedoms
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The Continuum of Value
…playing through the line
Transactional Compliance Advisory Consulting
Data Connectors
Knowledge Connectors} Accelerators
Capacity Capability
Bookkeeping Tax & Accounting CFO/Wealth Planning EntrepreneurialManagement Services
T
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M
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y
R
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T
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f
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m
a
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Hierarchy of Wants
Transformation
Purpose
Relationship
Money
Time
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Packaging Strategy
T M
R T
T
T
R
M
TT
R
M
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Your Vision
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The Subscription Model
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“Everybody is a genius. But if you judge a
fish by it’s ability to climb a tree, it will live
its whole life believing it is stupid.”
- Einstein
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Two Theories of Value
Cost-Plus Pricing – Labor Theory of Value
Value Pricing – Subjective Theory of Value
Services Cost Price Value Customers
Customers Value Price Cost Services
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• Be
• Do
• Have
• Create
• Experience
The Vision
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Strategic Planning…an accountable process
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1. Visioning – Be, Do, Create, Experience & Have
2. DOS Evaluation
3. 10X Thinking
4. The Upside Down Budget
5. Vision, Purpose & Core Values
6. Objectives, Measurements, Initiatives, Due Date & Responsible Party(ies)
7. Accountability – 90 Day Game Plans
8. Annual Update
The 8 Step Planning Process
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AccountabilityWhy people avoid it…
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Tactics of Non-accountable People
• Undermine standards
• Avoid measurement
• Ridicule excellence
• Criticize initiative
• Demand equality
• Avoid commitment
• Talk abstractions
• Avoid specifics
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Characteristics of Increased Accountability
• Strengthen standards
• Welcome measurement
• Achieve superiority
• Take initiative
• Expand uniqueness
• Deepen commitment
• Challenge abstractions
• Live specifically
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The 90-Day
Game Plan
• Projects
• Priorities – Big Rocks
• Delegation
• Due Dates
• Obstacles
• Resources
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Additional Opportunities
• Initiatives
• Quarterly Accountability
Reviews
• Annual Updates
• Communities
© 2019 Boomer Consulting Inc. All rights reserved.From the Oz Principle
Accountability
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Resources
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Boomer Tools - Connections
• The Project Filter
• Strategy Circle
• The DOS Evaluator
• The Gap Analysis
• The Upside Down Budget
• The One-Page Plan
• The 90 Day Game Plan
• Job Descriptions
• Lean Processes
• Boomer Circles - Communities
• Mighty Networks
• The Boomer Advantage Guides
• Access to CIOs - Peers
• Access to Vendors
• Access to Expertise
• Access to Financing
© 2019 Boomer Consulting Inc. All rights reserved.
Charlie “Tremendous” Jones: You will be the same person in five
years, except for the people you meet and the books you read.
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Questions?
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Digital Business Strategy
TransformationNew Revenues, New Services &
New Business Models
OptimizationImproved Productivity,
Client Experience & Existing Revenue
Value Increases with…
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Digital Optimization1 2 3 4 5
Improve
Existing
Revenue
Reduce
Costs
Improve
Productivity
w/o
headcount
Enhance
client
experience
Increase
Asset Yield
Data
analytics,
pricing
Labor, Sales
& Marketing
LSS, training
& technology
Digitize &
Connect
Data
Analytics
Mindsets
Packaging &
pricing
Digitization
Social Media
Lean
Projects,
Workflow &
Video Conf.
Portals/Apps Remote
workforce
Scheduling
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Digital TransformationLess TRANSFORMATIVE---------------------------More TRANSFORMATIVE
1 2 3 4 5
Sell existing
digital assets
(data)
Digitize
services &
products
Agreements
based upon
shared
risk/outcome
Run a
platform
business
Move into
adjacent &
new niches
The Cloud
Selling data &
algorithms –
predictive
analytics
Connecting
machines &
services
Price based
upon
outcomes,
usage &
value
Buyers &
sellers are
connected to
your platform
Tesla –
Powerwall
Performance
& Consulting
with niches
CommunitieslConsultinglTraining
Innovator InnovationManager
InnovationSystemTeam
MakeITUp
MakeITRecur
MakeITReal
BadIdea Disruption Innovation
DONOTC
ROSSD
ONOTC
ROSSD
ONOTC
ROSS
TheInnovationLandscape
© 2019 Boomer Consulting Inc. All rights reserved.
GL
Database
PM
PR-HR
Bill
Payment
Doc. Mgmt.
Aggregation
Reporting
DashboardsProposals
Collections
Sales Tax
CRM
Boomer’s Tech Wheel
© 2019 Boomer Consulting Inc. All rights reserved.
GL
Database
PM
PR-HRADP
Sage
Intuit Bill
PaymentBill.com
Expensify
Doc. Mgmt.
AggregationBox
Receipt Bank
Qvinci
Reporting
DashboardsFathom
ProposalsPractice
Ignition
CollectionsQuickFee
Sales TaxAvalara
CRMZendesk Sell
Salesforce
Boomer’s Tech Wheel
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Innovation Strategies
• Best, beats First to Market
• The Master of Reinvention
• Serendipity
• Perspiration
• Underdog
• Ride the Winds of Change
Strategies to Stories
Strategy Examples Story - Framing
Best, beats First to Market WK
Thomson
Tax Caddy
Important to tell a story of differentiation, not how you
got there. (e.g. Portals around for over 10 years.)
SurePrep built Tax Caddy based upon end user
experience.
The Master of Reinvention Self-Disruption We reinvented ourselves for a changing world where
clients need and want more…
Serendipity 3M Post-IT We were astute enough to see the opportunity.
Perspiration Edison &
Dyson
We undertook a process of discovery & pivoted.
Underdog Steve Jobs
Elon Musk
Qualifies…Vision, stubbornness and resilience. Most
don’t have the time and resources to prove they are
right.
Ride the Winds of Change Blockchain
Big Data
We saw the convergence of technology/market trends
and we positioned ourselves accordingly.
Source: McKinsey Quarterly, July 2018
© 2019 Boomer Consulting Inc. All rights reserved.
Example – The Winds of Change…an excerpt from The Value Creation Letter
We realize the world is rapidly changing due to the convergence of
technologies and increased regulation. These changes require
you to revise your vision and strategy, implement effective
processes, and upSkillTM talent. We also are confident you will find
value in our new approach to compliance, advisory and consulting
services. We have grown beyond accounting to meet your wants
and needs. Cloud based technology allows us to automate the
capture of many transactions, integrate workflow with compliance-
based software/services and focus on advisory and consulting
services that will grow your business…
© 2019 Boomer Consulting Inc. All rights reserved.
“Clients today don’t know what they want, because the things they most want are things they don’t yet know are possible. Give your clients the
ability to do what they can’t currently do, but would want to, if they only
knew it was possible.”
--Daniel Burrus
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• Advantage
• Analysis
• Approach
• Builder
• Cloud
• Drive
• Expander
• Experience
Naming Your Game…key words
• Formula
• Game plan
• Method
• Model
• Process
• Program
• Solution
• System
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The Bubbling Company
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The Evolution of Innovation - Transformation
Event
Reaction
Solution
Tool(s)
Accountability
Idea-New Service
Disruption
Culture
The Idea Factory
The Project Filter
Leadership
Proof of Concept
How
Filters - Criteria
Peer Community
• Expertise
• Vendors
Project Manager
Check Writers
Scale - Grow
Who
Collaboration
Kolbe Synergy
Report
Collaborative Team
Leadership
Marketing-Sales
Improvement
Continuous
Lean Six Sigma
Green Belt
Training
External Review
Project Manager
Team - Client
Sow Grow Harvest Plow
© 2019 Boomer Consulting Inc. All rights reserved.
…but do it fast!
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Questions?
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Charlie “Tremendous” Jones: You will be the same person in five years,
except for the people you meet and the books you read.
© 2019 Boomer Consulting Inc. All rights reserved.© 2019 Boomer Consulting Inc. All rights reserved.
• Learn how to package & price services.
• Learn about client filtering and targeting
criteria.
• Provide access to resources.
Objectives
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What % of your services are priced by the hour?
What % of your services are priced for VALUE?
Are you using subscription pricing?
What’s your Business Model?
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The Rules of Pricing…a Baker’s Dozen
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The Art of creating value…
Leadership
Relationships
Creativity
• Direction
• Motivation
• Confidence
• Courage
• Capabilities
• Commitment
Value…in the eyes
of the client or
customer.
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Maslow’s Hierarchy of Needs
Self-Actualization
Esteem
Love-Belonging
Safety
Physiological
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Hierarchy of Wants
Transformation
Purpose
Relationship
Money
Time
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Price before the service is completed.
Leverage
It takes no talent to lower the price. It takes talent to
increase value.
Talent
Pricing quickly generally results in a lower price.
Speed
Low pricing demands low respect.
Respect
Rules of Pricing
Source: Pricing on Purpose by Ronald J. Baker
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The higher on the organization charter, the
less sensitive to price…more concerned
about value.
Sensitivity
What it takes to price for value.
Confidence & Courage
Provide options with the first option being the
highest.
Options
Price for the client, not the service.
The Client
Rules of Pricing
Source: Pricing on Purpose by Ronald J. Baker
© 2019 Boomer Consulting Inc. All rights reserved.
Win-Win is not the same as mutual gain.
Win-Win
Price competition is only good for weak competitors.
Price Competition
There is no way to value price the wrong clients.
Wrong Clients
Project, knowledge & change management are more important than time
in creating value.
Time
Rules of Pricing
Source: Pricing on Purpose by Ronald J. Baker
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Not all people are created equal when it comes to
pricing.
Unique Ability
Not all people are created equal when it comes to
pricing.
Unique Ability
Not all people are created equal when it comes to
pricing.
Unique Ability
Not all people are created equal when it comes to
pricing.
Unique Ability
Rule 13
Source: L. Gary Boomer
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20 Questions
Pricing…
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Targets 1-3%
Pricing Matrix
Entry Level
Wallet Share
Pricing Strategies-Guidance
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Client Filtering…
Utilization Appreciation Reward Enhancement Risk Referral
Multiple
Services
Receptive &
Coachable
Financial
Margins
Increases
Capacity
Manageable
Margins
Target
Clients
✅ ✅ ✅ ✅ ✅ ✅
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1. Easy
2. Analytic
Filtering Options
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• Identify Your 5 Best Clients.
• Identify their Dangers, Opportunities and Strengths.
• Where do they duplicate?
• How Are You Creating Value For Them?
• Work Toward Those Prospects For Future Relationships.
Who Is Your Ideal Client?
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• Strong management team
• Quality staff
• Committed to the planning process
• Committed to technology
• Committed to continuing education
• Coachable
• Team approach and attitude
• Reasonable expectations
• Profitable and industry leaders
• Willing to pay for quality service
The Ideal Client?
© 2019 Boomer Consulting Inc. All rights reserved.
Annual Revenue $25,000
Average Life 10
Total Value $250,000
Acquisition Costs
Marketing
Sales
Commissions
Total
Lifetime Value of a Client
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Non-negotiables - What You Won’t Put Up With?
What Do You Want To See Happen?
Your Core Values And Ground Rules.
• Show Up On Time
• Do What You Say
• Finish What You Start
• Say Please And Thank You
Value Creation… Starts with a Few Rules!
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ASK the client and prospect what they want. (DOS)
How will you Provide Direction? - Leadership
How will you Provide Confidence? - Relationships
How will you Provide Capabilities? – Creativity/Innovation
Now… tell the prospect and client! (Value Proposition)
Provide VALUE!
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Vilfredo Pareto 1848-1923
• 20% of your clients are producing 80% of your revenue.
• Where are you spending your time?
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Packaging Your Services
❑ Number of services
❑ $ Level
❑ Timing of service
❑ Strategic Accounts
Tier 1 Tier 2 Tier 3
Small Medium Large
Standard Premium Enterprise
Starter Standard Extreme
Basic Pro Team
Green Gold Platinum
Transactional
Compliance
Transactional
Compliance
Performance
Transactional
Compliance
Performance
Strategic
Consulting
© 2019 Boomer Consulting Inc. All rights reserved.
Packaging Your Services
❑ Number of services
❑ $ Level
❑ Timing of service
❑ Strategic Accounts
Tier 1 Tier 2 Tier 3 Top 2%
Small Medium Large
Black
Standard Premium Enterprise
Starter Standard Extreme
Basic Pro Team
Green Gold Platinum
Transactional
Compliance
Transactional
Compliance
Advisory
Transactional
Compliance
Advisory
Consulting
© 2019 Boomer Consulting Inc. All rights reserved.
© 2019 Boomer Consulting Inc. All rights reserved.
© 2019 Boomer Consulting Inc. All rights reserved.
The Roadmap
…a key to sustainable success & future readiness.
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• Provide the foundation for strategic planning.
• Learn about the importance of accountability.
• Provide access to resources.
Objectives
© 2019 Boomer Consulting Inc. All rights reserved.
The Old Game
Information
The New Game
Value
© 2019 Boomer Consulting Inc. All rights reserved.
Summary &
Adjournment
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© 2019 Boomer Consulting Inc. All rights reserved.
© 2019 Boomer Consulting Inc. All rights reserved.
LEADERSHIP
Alignment & Vision Innovation Specialization
SuccessionNew Consultative Business Model
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TALENT
Organizational Design with Culture and
Engagement In Mind
Communication Explodes
Digital Everything –Performance, Wellness,
Onboarding
Unconscious Bias Is A Real Thing
Learning and Training Are Struggling
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TECHNOLOGY
IoT Blockchain RPA
AI Machine Learning
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PROCESS
Intersection of Process and Technology Focus on Consistency
Process Across the Firm
Strategic Continuous Improvement
Process and Upskilling
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GROWTH
Marketing & BD Marketing Automation
Sales Training
Transitional CTAs Clear Messaging
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el fin.
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© 2019 Boomer Consulting Inc. All rights reserved.
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Thank You
Our website is the best place to learn more about our services. Visit: www.Boomer.com